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Philips Q2 Profit, Orders Down, Sales Up; Backs FY21 View; To Buy Back EUR 1.5 Bln Shares

Dutch consumer electronics giant Philips Electronics NV (PHGFF.PK,PHG) reported Monday that its second-quarter net income was 153 million euros, lower than last year's 210 million euros.

Earnings per share were 0.16 euro, down from 0.23 euro a year ago. Adjusted earnings per share from continuing operations were 0.40 euro, up from 0.27 euro last year.

Adjusted EBITA increased to 532 million euros or 12.6 percent of sales from last year's 390 million euros or 9.8 percent of sales.

Philips delivered sales of 4.23 billion euros, 6 percent higher than prior year's 3.97 billion euros. Comparable sales growth was 9 percent.

Comparable order intake decreased 15 percent, with strong double-digit growth in the Diagnosis & Treatment businesses offset by a decline in the Connected Care businesses.

Looking ahead for fiscal 2021, the company continues to expect low-to-mid-single-digit comparable sales growth and an Adjusted EBITA margin improvement of 60 basis points.

Further, the company announced 1.5 billion euros share buyback program.

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